Steel Exports Report: Japan

Steel Exports Report: Japan

Background

Japan is the second-largest steel exporter in the world. In year to date 2017 (through June), further referred to as YTD 2017, Japan exported 18.9 million metric tons of steel -- a 7 percent decline from 20.3 million metric tons in YTD 2016. Japan's exports represented about 9 percent of all steel exported globally in 2016. The volume of Japan's 2016 steel exports was less than half that of the world's largest exporter, China. In value terms, steel represented just 3.9 percent of the total amount of goods Japan exported in 2016.

Japan exports steel to more than 190 countries and territories. The 10 countries labeled in the map below represent the top markets for Japan's exports of steel, receiving more than 1 million metric tons each and accounting for 79 percent of Japan's steel exports in 2016.

August 2017

Quick Facts:

World's second-largest steel exporter: 18.9 million metric tons (YTD 2017)

38% steel export growth since Q2 2009

Exports as a share of production at 36.2% in YTD 2017

Japan's Exports of Steel Mill Products - 2016

YTD export volume down 7% while export value up 15%

Top three markets: South Korea, China, Thailand

Largest producers: Nippon & Sumitomo and JFE

30 trade remedies in effect in 10 countries involving steel mill imports from Japan

Data Source: Global Trade Atlas; Copyright ? IHS Global Inc. 2017. All rights reserved.

1

Steel Exports Report: Japan

Millions of Metric Tons Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1

Steel Trade Balance

Japan has maintained a persistent trade surplus in steel 12

products. Exports dipped in 10

2009 after the global recession, 8 while imports remained relatively flat in comparison. 6

Since reaching a low point in Q1 4

2009, exports have increased 38 2 percent from Q2 2009 to Q2

2017.

0

Japan's Trade in Steel Mill Products by Quarter

Exports

Imports

In YTD 2017, Japan's steel trade

surplus amounted to 15.8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017

Source: IHS Global Trade Atlas

million metric tons, a 10 percent

decrease from 17.5 million metric tons in YTD 2016.

Export Volume, Value, and Product

Japan's steel exports maintained a relatively steady average of 41.3 million metric tons per year between 2010 and 2016. Exports in 2016 amounted to 40.4 million metric tons -- a negligible decline from 40.7 million metric tons in 2015. In YTD 2017, the volume of Japan's steel exports has declined by 7 percent to 18.9 million metric tons, down from 20.3 million metric tons in YTD 2016. The value of Japan's steel exports decreased every year between 2011 and 2016. In YTD 2017, steel export value increased 15 percent to $14.1 billion from $12.2 billion in YTD 2016.

In YTD 2017, flat products accounted for a significant share of Japan steel exports at 68 percent, or 12.9 million metric tons. Long products accounted for 13 percent, or 2.5 million metric tons, of Japan's exports, followed by semi-finished steel (11% or 2.1 million metric tons), pipe and tube (5% or 888 thousand metric tons), and stainless (3% or 508 thousand metric tons).

Millions of Metric Tons Billions of U.S. Dollars

Japan's Exports of Steel Mill Products

Millions of Metric Tons

Flat 16

Long

Pipe & Tube

Semi-finished

Stainless

14

12

10

8

6

4

2

0 YTD 2015

Source: IHS Global Trade Atlas YTD through June 2017

YTD 2016

YTD 2017

Japan's Exports of Steel Mill Products

Billions of U.S. Dollars

Flat Long Pipe & Tube Semi-finished Stainless 10

9

8

7

6

5

4

3

2

1

0 YTD 2015

Source: IHS Global Trade Atlas YTD through June 2017

YTD 2016

YTD 2017

2

Steel Exports Report: Japan

Exports by Top Market

Exports to Japan's top 10 steel markets represented 82 percent of Japan's steel export volume in YTD 2017 at 15.5 million metric tons (mmt). South Korea received the largest share of Japan's exports with 16 percent (3.1 mmt), followed by China at 15 percent (2.8 mmt), Thailand at 14 percent (2.7 mmt), and Taiwan at 7 percent (1.4 mmt).

The United States ranked eighth as a destination for Japan's steel exports, receiving 5 percent of exports (919 thousand metric tons) in YTD 2017 -- an increase of 2 percent from YTD 2016.

Trends in Exports to Top Markets

The volume of Japan's steel exports increased to six of Japan's top 10 steel export markets between YTD 2016 and YTD 2017. The overall value of Japan's steel exports increased in all of the top 10 markets. Markets that experienced the largest increases in steel value between YTD 2016 and YTD 2017 included Taiwan (up 44%), Malaysia (up 32%), Mexico (up 30%), and Indonesia (up 27%).

Markets that experienced the largest increase in Japan's steel export volume between YTD 2016 and

YTD 2017 included Mexico (up 29%), Taiwan (up 11%), and

Percent Change in Exports to Top 10 Markets (YTD 2016 to YTD 2017)

Malaysia (up 9%). The markets 50% that had a decrease in export 40% volume YTD 2017 included 30%

Volume Value

Vietnam (down 27%), South 20%

Korea (down 13%), India (down 10%

6%), and Thailand (down 5%).

0%

-10%

Outside of the top 10 markets, -20%

other notable changes in volume -30% included Japan's exports to 15th- -40%

ranked Saudi Arabia (down

47%), and 22nd-ranked Egypt

(up 155%).

Source: IHS Global Trade Atlas YTD through June 2017

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Steel Exports Report: Japan

Top Markets by Steel Product Category Japan's top export markets by volume vary across types of steel products. China accounted for the largest share of Japan's exports of flat products in YTD 2017 at 16.6 percent (2.1 million metric tons), followed closely by Thailand at 16.1 percent (2.1 million metric tons) and South Korea at 13 percent (1.7 million metric tons). Japan exported the largest share of long products to South Korea at 24 percent (583 thousand metric tons), and the largest share of pipe and tube exports to Malaysia at 32 percent (282 thousand metric tons). Taiwan accounted for the largest share of Japan's semi-finished export products in YTD 2017 at 36 percent (767 thousand metric tons), while China accounted for the largest share of stainless steel at 20 percent (100 thousand metric tons).

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Steel Exports Report: Japan

Japan's Import Market Share in Top Destinations

In 2016, the import market

Japan's Steel Import Market Share

share for Japan's steel products Top 10 Export Share of Japan's Rank Share of Japan's Rank

decreased in the majority of Markets Imports from in 2015 Imports from in 2016

Japan's top 10 export markets.

Japan - 2015

Japan - 2016

The share of Taiwan's steel South Korea

30.3%

2

30.0%

2

imports from Japan decreased Thailand

34.8%

1

31.3%

2

the most (down 6.2 percentage China

42.7%

1

41.8%

1

points from 2015), followed by Vietnam

16.6%

2

N/A

N/A

India (down 3.7 percentage Taiwan

37.5%

1

31.3%

2

points) and Thailand (down 3.5 Indonesia

16.7%

2

17.1%

2

percentage points). Import United States

6.8%

6

6.5%

6

shares in South Korea, China, Mexico

14.3%

3

18.9%

2

and the United States decreased Malaysia

17.8%

2

18.5%

2

by one percentage point or less. India

18.5%

3

14.8%

3

Japan's

steel

import

share

in

Source: IHS Global Trade Atlas, based on import data per reporting country Note: 2016 data for Vietnam not available

Mexico showed the largest

increase in 2016 -- up 4.6 percentage points.

Among Japan's top export markets, Thailand, China, and Taiwan received the largest shares of their total steel imports from Japan in 2016 at 31.3 percent, 41.8 percent, and 31.3 percent, respectively. Flat products accounted for a significant share of steel imports from Japan in both Thailand at 74 percent (4.1 million metric tons) and China at 78 percent (4.4 million metric tons), while semifinished products accounted for the largest share Taiwan's imports from Japan at 51 percent (1.3 million metric tons).

Steel Import Composition of Top Market-Share Countries - 2016

Thailand

Flat Long Semi-finished Stainless Pipe & Tube

China

Flat Long Stainless Semi-finished Pipe & Tube

Taiwan

Semi-finished Flat Long

Stainless Pipe & Tube

0

1

2

Source: IHS Global Trade Atlas, based on import data per reporting country

5

3

4

5

Millions of Metric Tons

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